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- Title
THE VIRTUES OF FREE MARKETS.
- Authors
Zupan, Mark A.
- Abstract
The author argues that the practice of mutually beneficial financial exchange within the free market capitalistic economic system fosters positive interaction, integrity, and cooperative behavior. The author differentiates integrity from concepts such as legality, morality, and ethics and attempts to explain his rationale using game theory, specifically the prisoner's dilemma. The author argues that private property rights and repeated interaction between economic actors demonstrate integrity and create incentives for ethical behavior. He also discusses free-market environmentalism as a diffusing influence between politically-motivated activists and entrepreneurial concerns. The author also utilizes the arguments of British economist Adam Smith's writings to support his contentions.
- Subjects
FREE enterprise; CAPITALISM; INTEGRITY; TRUST; PRISONER'S dilemma game; GAME theory; PROPERTY rights -- Social aspects; COOPERATION; SMITH, Adam, 1723-1790; ENVIRONMENTALISM; ENTREPRENEURSHIP; ECONOMIC systems; ECONOMICS
- Publication
CATO Journal, 2011, Vol 31, Issue 2, p171
- ISSN
0273-3072
- Publication type
Article